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Monetary System
SEC Charges Goldman Sachs With Fraud; May The Perp Walks Begin
From the SEC: The Securities and Exchange Commission today charged Goldman, Sachs & Co. and one of its vice presidents for defrauding investors by misstating and omitting key facts about a financial product tied to subprime…
Free money: JPM paid to borrow on $271 billion worth of repos
We know that JPMorgan is not substantially increasing lending anytime soon. And we also know that banks are recapitalizing courtesy of a steep yield curve and near zero rates, what I would call free money. What I didn't know is how…
Stan O’Neil almost sold Merrill to BofA for $100 billion in 2007
We are now hearing former Merrill Lynch CEO Stan O'Neal's side of the story for the first time since he resigned in October 2007. In a story by William Cohan in Fortune Magazine, O'Neal paints a picture of Merrill's fall from grace that at…
Vicky Ward: On Lehman "we really do need prosecutors to get people into a courtroom"
Vicky Ward, author of "The Devil's Casino: Friendship, Betrayal, and the High Stakes Games Played Inside Lehman Brothers," told Bloomberg that prosecutors need to get going if we are going to get any answers regarding why Lehman…
Why The World Is Headed For A Balance Sheet Recession
In my post Koo, White, Soros and Akerloff videos from inaugural INET conference I highlighted four speeches from the recent George Soros-sponsored pow-wow. I have already written up a post based on the one by William White in "The…
JPMorgan is not substantially increasing lending anytime soon
JPMorgan Chase had a blowout quarter for earnings. We're talking earnings of $3.3 billion for the quarter here. That's up over 50% from last year's already high $2.1 billion. Does that signal an increase in lending? No. If you read…
Sweden did not nationalize its entire banking system
I hadn't intended to write this post, but I caught the back end of a lot of chatter about the Swedish banking crisis response and needed to set the record straight on what actually happened in Sweden. Andrew Ross Sorkin wrote what I would…
A post mortem on the Icelandic banking failures
Just yesterday, a Special Investigation Commission report was released in Iceland which criticized the handling of the country's top three banks and the crisis that ensued when they collapsed. Seven top officials were said to have acted…
Keynes Vs. Hayek: Old Ideas for a New Era
Marshall Auerback here with some further thoughts from the Institute for New Economic Thinking’s recent kick-off conference at Cambridge University. It might appear ironic to commence a conference ostensibly centered on new economic…
The origins of the next crisis
William White, the former chief economist at the Bank of International Settlements (BIS) gave an important speech at George Soros' Inaugural Institute of New Economic Thinking (INET) conference in Cambridge. While everyone is casting…